Purpose

How to Compare Money Transfer Companies and Send Money to Venezuela

Information verified correct on December 10th, 2016

Venezuelan Bolivars are not commonly traded international currency.

There are only a few companies you can use to send money to Venezuela, which we compare on this page. If this is your first money transfer to Venezuela, make sure you read this page first. Here you can find all the information you need to find and compare money transfer services as well as the steps to follow to send money to Venezuela.

Comparing apples with apples may not be as easy as it sounds. In 2008, Venezuela introduced the Bolivar Fuerte as a means of revaluing the currency following periods of massive inflation.

Cash payment services such as Western Union and MoneyGram give a different exchange rate to online foreign exchange companies, and some banks don’t trade Venezuelan bolivars at all — an additional currency conversion fee may apply if you’re sending dollars to Venezuela.

Rates last updated December 10th, 2016

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How do I compare money transfer companies?

The main features of a quote to send money to Venezuela.

Exchange rate. Venezuelan Bolivars are an exotic international currency. Most money transfer companies do not trade this currency. You can find a list of the companies that do in the following section of this article.

Transfer time. How quickly do you need the money to get to Venezuela? If the answer is minutes, then go for a provider like Western Union. If you have time, it can be worth looking for a slower, cheaper option. The transfer time is based on a couple of things including the payment and delivery method.

Transfer fee. The cost for carrying out the transfer. The transfer fee can vary greatly between providers. Some providers offer fee free thresholds. For example, transactions greater than $10,000 won’t incur a transfer fee.

Delivery method. This is as simple as whether you want the funds to be collected as cash or whether you want to deposit the money in a bank account.

Payment method. How can you pay? Some companies let you pay for a transfer using your credit card or debit card, bank deposit is the preferred payment method for most money transfer companies.

Transfer options. Online foreign exchange providers offer more options than banks and cash payment services. As well as spot payments, you can request limit orders, forward contracts and more.

Customer service. Is there an Australian based customer service team on hand to take your calls? Furthermore, when will and won’t the provider issue a refund and when can you cancel an order.

Transfer limits. How much do you want to send? Different providers have different minimum and maximum limits. For example, OFX have a minimum order size of 8,600 Bolivars.

How do I send money to Venezuela from Australia?

Have a look at the following options and steps if you need to know how to send money to Venezuela.

Banks

Your bank offers an overseas telegraphic transfer service you can use to send money to Venezuela. Simply log in to your online banking facility and navigate to the overseas payments menu. If you haven’t already created an overseas beneficiary, you’ll need to add the Venezuelan payee to your international beneficiary list. To create a new overseas beneficiary provide the payee’s:

Account name and number / International Bank Account Number (IBAN)

SWIFT / Bank Identification Code (BIC)

Online FX companies

These online international payment providers can send money to bank account or PayPal account in Venezuela.

OFX. A $15 flat fee for transfers under $10,000AUD and a bank beating rate. OFX can deliver funds to Venezuela in two business days. The minimum transfer amount is 8,600 bolivars.

PayPal. Both the sender and the receiver need to have a PayPal account. PayPal charges a percentage based fee structure.

International cash payment service

MoneyGram and Western Union can send cash to Venezuela to collect from an agent in minutes.

MoneyGram. MoneyGram have fewer cash collection points in Venezuela compared to Western Union; however, MoneyGram are a little cheaper if price is your main concern.

Western Union. Western Union have a number of agents across Venezuela. Lack of customer service is a drawback for the international payment provider.

How do I receive money from Venezuela in Australia?

The following provides an outline of the steps to receive money to Venezuela.

Bank account

For payments being sent to your bank account: You must provide the sender with your personal and financial details so they can locate your account and deposit the funds. The sender needs your:

Bank name, BSB, account number and name.

Bank Identification Code (BIC) or bank SWIFT code.

PayPal

Give you mobile number or email address to the sender in Venezuela so they can send money to your PayPal account in Australia.

Cash payment service

Collect cash at an Australian agent by quoting the transaction reference number of unique password and showing photo identification.

Emergency cash transfers to Venezuela

Consider these options if you need to get cash to Venezuela in a hurry.

Instant overseas cash wire service. Western Union and MoneyGram are two companies you can use to send cash to someone in Venezuela in minutes. You can make a payment online or you can pay with cash in person at a local agent, and someone across the otherside of the world can collect the cash in a just a couple of minutes.

Travel insurance emergency cash benefit. For some covered events, like a medical emergency, you may be eligible to get an emergency cash benefit from your insurer to cover you for immediate expenses. Refer to you product disclosure statement for a full description of your travel insurance cover.

Emergency cash assist. Visa and MasterCard can give you the money in your account as cash if you don’t have your card. Emergency cash assistance can take about a day to process the request and you can collect your money from a local business.

This list contains the names and locations of different MoneyGram and Western Union agents in cities across Venezuela. It can be a good idea to call ahead to double check the merchant’s opening hours and make sure there’s enough cash on the premises.

Valencia

Tips for picking up cash in Venezuela.

The Department of Foreign Affairs and Trade (DFAT) travel advisory wesbite, Smarttraveller.gov.au warns against travel to parts of Venezuela, especially the Venezuelan and Colombian border. Venezuela has one of the highest crime rates in the world. Murder, robbery, theft and assault are common across Venezuela. Exercise a high degree of caution when collecting cash from an agent. If possible, do not travel alone, police or your hotel concierge may be able to help arrange an escort if you’re collecting a large amount of cash and you’re concerned about your personal safety.

What are the steps to send money to Venezuela?

Here you can find information on the steps to send money to Venezuela.

Bank transfer

From your internet banking menu, once you have the payee as an international beneficiary, you can send a payment at Venezuela from the comfort of your home any time of the day.

PayPal

Once you’ve logged in to your PayPal account, you can search for the recipient’s PayPal account using their email or mobile phone number. It’s free to create a PayPal account.

Money transfer companies

You’ll need to create a free account first to send money to Venezuela using the non-bank providers listed on this page. This is a straightforward process and can be completed by proving some basic information about yourself such as:

Your name

Your address

Your contact numbers

Your identification

After you’ve paid for your transfer, you will be given a tracking or reference number you can use to check up on the status of your money transfer. You may need to upload a copy of your passport and a utility bill to the money transfer provider’s website to complete the registration process.

If you have any questions about the products or services we’ve listed on this page, ask us a question using the form at the bottom of the page.

Disclaimer - We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for featured placement of their products or services. We may also receive compensation if you click on certain links posted on our site.

Important Information

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.